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Swiss Financier Rey Arrested In The Bahamas

March 27, 1996

Switzerland's most wanted fugitive, financier Werner Rey, has been arrested in the Bahamas and will face extradition proceedings, the Swiss federal police authority said on Wednesday.

Rey built up a huge international conglomerate in the late 1980s which collapsed in 1991 in Switzerland's largest corporate failure. He had always kept one step ahead of prosecutors ever since they first issued an international warrant for his arrest in 1992.

But authorities in the Bahamas, responding to an extradition request from Swiss investigators, gave the approval to open extradition proceedings, and Nassau police took Rey into custody on Wednesday, Swiss police said in a statement.

However, should Rey contest his return to Switzerland, the case could go on for several years.